The BRICS 2015 Summit in the Russian city of Ufa has once again underscored how central the BRICS are to the scope and pace of globalization in today’s world. After a long period of deep globalization that saw the BRICS emerge as new engines of economic growth in the world, there was a temporary period of deglobalization.
We are now witnessing a new stage of reglobalization that impacts everything from how nations view free trade pacts to how they implement new industrial policies. How the BRICS nations proceed in this new stage of reglobalization is critical.
In this Brief, we review the primary policy choices facing Russia, framing them within the broader context of globalization. As well, the Brief examines the types of institutions that are important for the development of the BRICS, including the much-hyped New Development Bank. Finally, the Brief provides a set of 10 concrete recommendations that should guide the thinking of Russia’s top policymakers as they work to form new economic partnerships with both the BRICS and the nations of the West.
The author is Professor Marcos Troyjo, co-founder and co-director of BRICLab, a forum on Brazil, Russia, India and China at Columbia University.